My wife and I are intending to purchase a 1 bedroom flat in Ulceby with a mortgage. We like our Ulceby solicitor, however the lender says she’s not on their "panel". We have to appoint one of the bank panel solicitors or retain our Ulceby conveyancing practitioner as well as pay for one of their panel lawyers to represent them. This feels very unfair; can we not require that the lender use our Ulceby property lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Ulceby conveyancing lawyer to apply to be on the conveyancing panel.
Is there a reason why leasehold purchase conveyancing in Ulceby is more expensive?
In summary, leasehold conveyancing in Ulceby and Lincolnshire usually warrants extra due diligence compared to freehold conveyancing. This includes lease investigation, corresponding with the landlord about serving appropriate notices, procuring up-to-date service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
I happen to be the only recipient of my late grandmother’s will with all property in now in my sole name, including the my former home in Ulceby. Conveyancing formalities meant that the Land Registry date was in January. I want to move. I do know about the CML six month 'rule', which means that my property ownership could be considered the same way as though I had purchased the property in January. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. many mortgage companies would take a sensible view as this requirement is primarily there to capture the purchase and immediately sell or the wholesaling and assigning of properties.
When it comes to mortgage companies such as RBS, do Ulceby property lawyers incur a yearly amount to be on the conveyancing panel?
We are not aware of any bank fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Ulceby bank branch on numerous occasions and was reassured it wasn't a problem and they will lend. My Ulceby conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend in accordance with their specific requirements. I have no idea who is right.
The conveyancer has to comply with the Council of Mortgage Lenders’ Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Are there restrictive covenants that are commonly picked up during conveyancing in Ulceby?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Ulceby. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a ground for flat up to £235,500 and found one near me in Ulceby I like with open areas and railway links nearby, however it's only got 61 years unexpired on the lease. There is not much else in Ulceby for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan that many years will be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
I am buying a ground floor flat in Ulceby. Conveyancing lawyer has been awaiting, from the seller, building insurance documents. This morning I was informed that the owner needs to send the insurance documents for the flat above also. Why does my property lawyer want to check the insurance for the flat above? Is it strictly necessary? We have been stalled for the previous two weeks…
It is not unheard of in leasehold conveyancing in Ulceby to discover Conveyancing in Ulceby in a minority of cases reveals that the lease provides for the leasehold owners to insure their individual flats as opposed to the freeholder insuring the whole block - which is clearly preferable. Do check with your property lawyer but it would seem that your property lawyer is looking to verify that the whole building is insured. Insuring your flat is no help when it comes to rebuilding after a fire if the 1st floor cannot be reconstructed as a result of lack of insurance.